Chinese Art in UK Market: Chinese collectors hunt for bargains at auction houses

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More and more Chinese art lovers are joining Britain's auction market hunting for Chinese antiques. The frenzy is mainly driven by millennial collectors and online bidding. But as CGTN's Paul Barber reports from London, bargains are getting harder to come by.

Leo Liu has his eyes on a prize. Lot 68 at this London auction is an 18th-century porcelain dish bearing the Yongzheng mark of the Qing Dynasty.

LEO LIU CHINESE COLLECTOR "Well you know that belonged to the King. The mark here. Especially the red plate. It's very difficult to make at this time."

The estimated value is 600 to 1000 dollars and it could be worth much more in China.

"How much could you sell this for?"

LEO LIU CHINESE COLLECTOR "Probably 20."

"20 thousand?"

"Probably. At least."

"In China, after restoration."

Leo is originally from Guangxi Zhuang Autonomous Region in southern China. He spends half the year organising tour groups. For the other six months, he scours hundreds of UK auction houses and antique shops looking for deals. And he's not alone.

LEO LIU CHINESE COLLECTOR "The Chinese market is very huge. They need something to display at home. They like it and want to find something much more better than in China. That's why they're coming, they can get the price."

Roseberys auction house in south London is holding its biannual Asian art sale. The majority of buyers are from the Chinese mainland. Mandarin speakers help them bid by phone. And hundreds are registered to bid live online.

PAUL BARBER LONDON "There are nearly 500 lots for sale at today's auction. They include this porcelain Wucai basin. It was made in the 18th Century when millions of pieces of Chinese ceramics were exported to Europe. But today that direction of travel has reversed and Chinese buyers can make huge profits re-selling items like this back home."

China's art market contracted three percent last year according to the Swiss bank UBS. But with sales still reaching almost 13 billion dollars, the appetite for fine porcelain, lacquer, bronzes and paintings remains voracious.

BILL FORREST HEAD OF ASIAN ART, ROSEBERYS LONDON "I think it's ultimately a good thing that so many Chinese artefacts are being repatriated essentially. That's where they were made. They've travelled the globe. Don't forget we are merely custodians of this stuff for the next generation. Now they're being dispersed across China and landing in really important collections."

As finite resources, rarer pieces are now fetching higher prices. And it's not Leo's day - the porcelain dish ends up going for nearly 3000 dollars.

LEO LIU CHINESE COLLECTOR "I can't get this, it's too expensive. Over my budget you see."

But his hunt for beautiful bargains will continue. Paul Barber, CGTN, London.